c) In the event that the Bank fails or delays in the practice of any of its rights, authorities or concession as determined in this agreement, that failure or delay shall not be deemed as a waiver of that right, authority or concession.

Fifth: In advance payment:

In case of in advance payment, the Borrower shall notify the Bank through two modes seven days prior to the payment in advance:
1) sending a written request or
2) Through Citiphone service (24 hours phone service)

The notice shall include the following:
a) The loan account number;
b) The amount paid in advance;
c) The date determined for the payment in advance.

Interest shall be calculated up till the date of actual payment. The Borrower shall bear the technical costs resulting from the payment in advance in accordance with the schedule of the fees applicable at that time, which shall be determined by the Bank and pursuant to its sole discretion.

Sixth: The Guarantor:

1- The Guarantor hereby irrevocably and without any conditions guarantees that the Borrower shall fulfill all his obligations under this contract within two days as of the date of requesting those obligations, whether such obligations result before or after the date of concluding this agreement, with the total amount of the loan granted by the Bank to the Borrower as well as its interest and generated commissions and fees. Such guarantee shall continue until the complete fulfillment of all the obligations and the guarantor's obligation is a joint and several obligations. Thus, the Bank is permitted to request the guarantor to fulfill the obligations severally or jointly with the Borrower.

2- The Guarantor agrees and hereby acknowledges that he is equally obliged as the Borrower and that the relationship between the Borrower and guarantor as one party and the Bank as the other party considers both the guarantor and the Borrower as to original debtors of the Bank and incur all the obligations on both.

3- The Guarantor personally and on behalf of his heirs and executers of his will agrees that he shall not be exempted from his joint obligation as a result of:
a) Any change that takes place in respect of the terms of this agreement or the conditions of dealing between the Bank and the Borrower without obtaining the guarantor's consent;
b) Concluding any agreement by which the Borrower is exempted from his obligations;
c) Any act or delay on the part of the Bank which legally results in exempting the Guarantor from his obligations; or
d) the reconciliation between the Bank and the Borrower or in the event the Bank pledges to grant the Borrower a grace period for payment or promise not to take legal actions against the Borrower or;
e) In case the Bank loses the insurance cover. In addition, the Guarantor hereby declares waiving all his other rights that may be available.

4- The Guarantor's obligation shall be due after two days from the date on which the Bank notifies the Guarantor with same in writing by means of a registered letter notwithstanding whether the Borrower has been requested to fulfill such obligation or not, or if legal procedures have been filed against the Borrower or not.

Seventh: Waiving or assigning rights to third parties:

1- The Borrower hereby expressively accepts that the Bank shall have the absolute right and full authority to sell, waive or assign any debts due on the Borrower to any third party, which the Bank selects in any manner whatsoever and whether totally or partially in accordance with the terms determined by the Bank, whilst the Bank reserves its right to take legal procedures against the Borrower on behalf of the buyer, transferee or assignee; all this without consulting the Borrower or obtaining his written consent. Such selling, waiver or assignment shall bind the Borrower to accept the third party as a sole creditor, a joint creditor with the Bank or as a sole creditor whilst the Bank continues to practice its rights under this agreement on behalf of the third party, provided that the Borrower shall pay to the third party the amounts due on the Borrower. Furthermore, all the costs and expenses resulting from selling, waiving, assigning or carrying out those rights as well as demanding the due debt on the Borrower shall be incurred by the Borrower. The Borrower shall pay the difference between the balance of the loan amount and the actual amount which the Bank has received in exchange for transferring its rights to the third party, which shall be entitled to demand the due payable amount from the Borrower.

2- The Borrower shall not be entitled to assign any of his rights or obligations under the current Loan agreement without obtaining a prior consent from the Bank.

Eighth: Communication, Notices and Correspondence:

Any notice, letter or other documents sent by the Bank to the Borrower or the Guarantor shall be addressed to the address mentioned in the loan application that is written on the Bank forms and shall be deemed delivered to the Borrower/Guarantor after two days from the date such notice, letter, or documents are sent via registered mail. The Borrower/Guarantor shall notify the Bank in writing with any change in his address within one week from the occurrence of such change. Furthermore, the Borrower/Guarantor shall mention in all his correspondence the account number and the registration number in full.

Ninth: Other obligations and Pledges:

1- The Borrower hereby expressly agrees that in the event he fails to pay any due amounts or considered to be due prior to their actual due dates, or in case the Borrower breaches any agreement concluded with Citibank (including this Agreement) whereby the Borrower has been granted credit facility, then in any of the herein mentioned cases, Citibank shall have the absolute right to practice all its rights stipulated in any agreement concluded with the Borrower (including this Agreement) according to the sole discretion of the Bank and without prejudice to any of its rights determined in all of those agreements.

2- The Borrower and the Guarantor shall notify Citibank in writing of all the circumstances that may affect the financial position of any of them, including all the changes that may take place in relation to the occupation or the information submitted by the Borrower to Citibank through the form of the loan Application.

3- The Borrower hereby authorizes Citibank to conclude the life insurance policy and to sign it on his behalf (the Borrower) in addition to enlisting Citibank as the sole beneficiary of such policy.

4- The Borrower hereby acknowledges and affirms that Citibank records will be the sole valid evidence of the amounts due on the Borrower and which the Borrower is obliged to pay to the Bank. The Borrower further acknowledges that he waives his right to object the correctness of the Bank records.

5- All the payments carried out by the Borrower shall be net without any deductions, counter claims or condition of any kind whatsoever with the exception of the cases through which the Borrower is obliged by virtue of local laws to carry out such deductions. In such case, the amount paid to the Bank shall be increased to the actual amount which the Bank would have received in case of the absence of such deduction.

6- The Borrower hereby acknowledges that Citibank is entitled to disclose any information relevant to the Borrower's accounts when required by any competent authority by virtue of law.

7- The renewal of the car license is conditional upon the approval of the Bank according to its sole discretion, on the basis of, including without limitation, the regular payment of the installments by the Borrower and the presence of a valid insurance policy.

  
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